The worldwide market for big data technology and services will grow to $48.6 billion by 2019, driven by wide adoption across industries, according to a new study from International Data Corp. (IDC).
The big data market is growing at a compound annual growth rate (CAGR) of 23.1% over the 2014-2019 forecast period.
"The ever-increasing appetite of businesses to embrace emerging big data-related software and infrastructure technologies while keeping the implementation costs low has led to the creation of a rich ecosystem of new and incumbent suppliers," Ashish Nadkarni, program director, Enterprise Servers and Storage and co-author of the report, said in a statement.
"At the same time, the market opportunity is spurring new investments and [mergers and acquisition] activity as incumbent suppliers seek to maintain their relevance by developing comprehensive solutions and new go-to-market paths," Nadkarni says.
All three major big data submarkets—infrastructure, software and services—are expected to grow over the next five years, the report says.
Infrastructure, including computing, networking, storage infrastructure and security, will grow at a 21.7% CAGR. Software, including information management, discovery and analytics, and applications software, will increase 26.2%. And services, which includes professional and support services for infrastructure and software, will grow at a CAGR of 22.7%.
Infrastructure spending will account for roughly one half of all spending throughout the forecast period. As big data matures, the firm expects its share of the larger business analytics market to increase.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access